June 26, 2018 / 11:27 PM / 22 days ago

Local unit of Bank of China authorized to operate in Mexico

MEXICO CITY (Reuters) - A new unit of Bank of China Ltd (601988.SS), China’s fourth-largest bank by assets, has been authorized to begin operations in Mexico, the country’s banking regulator, CNBV, said on Tuesday, making it the second Chinese bank permitted to offer services locally.

The unit, known as Bank of China Mexico, will focus on corporate financial services for Chinese firms operating in the country, their suppliers and other Mexican businesses involved in trade with China, according to a statement from the regulator.

About 70 Chinese firms are active in Mexico, including China National Offshore Oil Corp, which won rights to potentially lucrative deepwater Gulf oil blocks at a 2016 Mexican oil auction.

The bank’s initial capital totals 875 million pesos ($44 million), the statement added.

Reporting by David Alire Garcia; Editing by Peter Cooney

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